Fed leaves rates unchanged
Source: http://blogs.moneyandmarkets.com/blog/interest-rate-roundup/0/0/fed-leaves-rates-unchangedPosted on Tuesday, September 16th, 2008 | In Economics
The Fed left the funds rate unchanged at today’s policy meeting. Here is the post-meeting statement …
“The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.
“Strains in financial markets have increased significantly and labor markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.
“Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.
“The downside risks to growth and the upside risks to inflation are both of significant concern to the Committee. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.
“Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh. Ms. Cumming voted as the alternate for Timothy F. Geithner.”
Last 5 posts by Mike Larson
- Tightening Begins Overseas; Here? Not So Much … - October 9th, 2009
- Sayonara Treasury Bubble! - May 1st, 2009
- Straight talk on the Obama mortgage plan - February 20th, 2009
- Construction spending down, but not out ... yet - January 5th, 2009
- Early results show dismal holiday retail sales - December 26th, 2008
Ben S. Bernanke, Charles I. Plosser, Christine M. Cumming, Donald L. Kohn, Economics, Elizabeth A. Duke, energy, Federal Open Market Committee, Federal Reserve System, Gary H. Stern, Kevin M. Warsh, Randall S. Kroszner, Richard W. Fisher, Sandra Pianalto, Timothy F. Geithner
 About Mike Larson (http://blogs.moneyandmarkets.com/blog/interest-rate-roundup)
Mike Larson joined the company in 2001, and has more than 10 years of experience researching and writing about personal finance, investing, and the housing and mortgage industry. In 2003, Mr. Larson was named associate editor of the company’s monthly Safe Money Report. In this role, he is responsible for writing and editing as well as analyzing trading opportunities for clients. Mr. Larson is also a regular contributor to the company’s daily e-letter, Money and Markets and editor of three of its premium trading services. Before joining Weiss Research, Mr. Larson was a personal finance reporter for Bankrate.com, where he wrote extensively on mortgage lending, banking, residential real estate, and Federal Reserve Board policy. His responsibilities included analyzing economic data and interest rate trends for a weekly column and developing rate forecasts for a regular index feature. Previously, Mr. Larson held positions at Bloomberg News and the Boston Herald. Recognized as an interest rate and mortgage market expert, Mr. Larson’s views have been quoted in numerous publications nationwide, including the Washington Post, Chicago Tribune, Dow Jones Newswires, Associated Press, Reuters, CNNMoney.com, Sun-Sentinel, Tampa Tribune and the Palm Beach Post. His in-depth analysis of the housing and mortgage market and accurate forecast of the subprime crisis has lead to frequent appearances on CNBC, CNN, Fox Business News, and Bloomberg Television, as well as many nationally syndicated radio shows. Mr. Larson’s understanding of the U.S. real estate market has also been recognized overseas, having recently been featured in a documentary on the subject produced by a Barcelona-based television station. In addition, his writing has been acknowledged by both the National Association of Real Estate Editors and the Massachusetts Press Association. Among the first analysts to call the housing slide, Mr. Larson’s policy paper, “How Federal Regulators, Lenders and Wall Street Created America’s Housing Crisis: Nine Proposals for a Long-Term Recovery,” received broad media coverage following its July 2007 submission to the Federal Reserve and FDIC. In the paper, Mr. Larson accurately predicted the long-term impact of the deepening subprime mortgage crisis on the broader economy that the nation faces today. Mr. Larson holds B.A. and B.S. degrees from Boston University. |
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